AAA GMO puts up $18m for fourth fund

GMO puts up $18m for fourth fund

Japan-based internet services company GMO Internet has established a ¥2.1bn ($18m) corporate venturing fund, Tech in Asia has reported, citing a detail in its first quarter earnings report.

The new fund was set up in March this year and will be the fourth to be managed by GMO Venture Partners, GMO Internet’s corporate venturing subsidiary.

The fund will target Japanese startups that are aiming to enter the North American and Asian markets. GMO Venture Partners raised $12m in 2013 for its previous fund, which focused on Southeast Asia.

US-based business communication app developer Chatwork last week became the first startup to receive investment from the new fund, receiving $2.5m.

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